A water pump will usually start leaking or making squealing noises when the engine is running.
A vehicles water pump rarely fails but they can and sometimes do but usually they last 10 to 20 years and between 100,000 to 300,000 miles.
When a vehicles water pump goes bad it will fail to circulate the engine coolant to keep your engine cool.
So your engine can and will overheat due to failing water pump.
Water pumps that fail may also make a squealing noise which means the bearings in the water pump are failing and you should replace it.
A water pump will also usually start leaking when it fails because of the seals in the water pump failing.
Water pumps that are belt driven are pretty simple parts because they are just basically an impeller being spun on a bearing by the belt.
A water pump should last for 100,000 to 300,000 miles as long as you keep the cars cooling system maintained and don't run the water pump dry.